Veritas Investment Management LLP

CIK

1576707

Location

LONDON, X0

Portfolio Value

Small $240,552,878

Diversification

Diversified

Filing Date

Global Rank

#984 / 5,290 ▼ 11

Top Industry

Software - Infrastructure 14.0%

3Y Alpha vs SPY

-18.5%

Period ended 5 years ago

Filed Nov 2, 2020 · 5y

3 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+7.3%

SPY

+76.8%

Annualised alpha

-18.5%

Max drawdown

−21.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

56 positions · as of Sep 30, 2020 · Δ vs Jun 30, 2020

Top Position

13.0%

−1.6 pts

Top 5

56.7%

−1.7 pts

Top 10

87.3%

−2.7 pts

HHI

897

Diversified−50

Portfolio Trend

3 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2020

Sector	% Portfolio	Value	Positions
Healthcare	31.5%	$368,589,448	8
Technology	20.6%	$240,552,878	8
Financial Services	19.6%	$229,142,343	11
Consumer Cyclical	14.5%	$168,927,988	10
Unclassified	7.3%	$84,807,573	1
Industrials	5.9%	$69,131,210	5
Communication Services	0.3%	$3,393,889	4
Consumer Defensive	0.2%	$2,542,733	6
Basic Materials	0.1%	$659,072	1
Utilities	0.0%	$492,252	1
Energy	0.0%	$90,631	1

Last Quarter's Activity

Export CSV

Sep 30, 2020 vs Jun 30, 2020

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
MRSH	Marsh & Mclennan Companies, Inc.	+627,150	627,650	$71,991,455
FISV	Fiserv Inc	+117,643	822,975	$84,807,573
ADP	Automatic Data Processing Inc	+14,310	467,775	$65,249,934
AAPL	Apple Inc.	+14,044	19,475	$2,255,399
AVY	Avery Dennison Corp	+13,934	527,950	$67,493,128
HAS	Hasbro, Inc.	+12,905	994,298	$82,248,330
UNH	Unitedhealth Group Inc	+5,760	485,729	$151,435,730
APH	Amphenol Corp /De/	+3,752	660,328	$17,873,428
AXP	American Express Co	+2,690	5,690	$570,422
MCO	Moodys Corp /De/	+955	1,220	$353,617
TSLA	Tesla, Inc.	+26	40	$5,720
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
BRK-B	Berkshire Hathaway Inc	−303,139	123,914	$26,386,247
MSFT	Microsoft Corp	−31,716	722,599	$151,984,247
ALGN	Align Technology Inc	−26,130	202,615	$66,328,046
TMO	Thermo Fisher Scientific Inc.	−20,965	337,707	$149,104,394
MA	Mastercard Inc	−8,613	371,517	$125,635,903
HON	Honeywell International Inc	−5,719	270	$41,889
XYL	Xylem Inc.	−1,914	817,246	$68,746,733
TSCO	Tractor Supply Co /De/	−1,590	562,160	$16,116,002
KEY	Keycorp /New/	−1,244	22,168	$264,464
MDLZ	Mondelez International, Inc.	−750	764	$43,891
V	Visa Inc.	−496	8,744	$1,748,537
PYPL	PayPal Holdings, Inc.	−400	6,210	$1,223,556
RTX	RTX Corp	−300	1,975	$113,641
WEC	Wec Energy Group, Inc.	−300	5,080	$492,252
ADBE	Adobe Inc.	−224	1,928	$945,549
META	Meta Platforms, Inc.	−200	2,673	$700,058
DG	Dollar General Corp	−200	3,550	$744,151
COST	Costco Wholesale Corp /New	−200	3,097	$1,099,435
OTIS	Otis Worldwide Corp	−150	987	$61,608
GOOGL	Alphabet Inc.	−86	33,403	$2,447,771
INTU	Intuit Inc.	−80	6,382	$2,081,872
AMZN	Amazon Com Inc	−22	931	$146,573
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
SPGI	S&P Global Inc.	805	$290,283
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
KO	Coca Cola Co	5,615	$250,878
BAC	Bank Of America Corp /De/	6,800	$161,500
BR	Broadridge Financial Solutions, Inc.	911	$114,959
PFE	Pfizer Inc	3,600	$111,688
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

8 positions · $240,552,878 total · Technology only · as of Sep 30, 2020

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MSFT	Microsoft Corp Technology	Reduced	722,599	-31,716	$151,984,247	−1.0%	63.18%
ADP	Automatic Data Processing Inc Technology	Added	467,775	+14,310	$65,249,934	−3.4%	27.12%
APH	Amphenol Corp /De/ Technology	Added	660,328	+3,752	$17,873,428	+13.7%	7.43%
AAPL	Apple Inc. Technology	Added	19,475	+14,044	$2,255,399	+355.4%	0.94%
INTU	Intuit Inc. Technology	Reduced	6,382	-80	$2,081,872	+8.8%	0.87%
ADBE	Adobe Inc. Technology	Reduced	1,928	-224	$945,549	+0.9%	0.39%
PAYX	Paychex Inc Technology	Held	2,000	0	$159,540	+5.3%	0.07%
NVDA	Nvidia Corp Technology	Held	215	0	$2,909	+42.5%	0.00%